Iran is becoming a growing market for German plastics and rubber machinery, according to a recent report by the trade group VDMA.
In a statement released ahead of Iran Plast 2017, Sept. 24-27, the German Plastics and Rubber Machinery Association (VDMA) said exports of machinery to Iran rose more than 14 percent to 20.3 million euros ($23.6 million) in 2016, following a steep rise of 193 percent the year before.
Additionally, in the first five months of 2017, German exports to Iran reached 21 million euros ($24.4 million), demonstrating a staggering increase of 476.5 percent compared to the same period the previous year.
Germany came second in the list of top 10 machinery suppliers to Iran, with China in the clear lead with sales of nearly 150 million euros ($174.5 million) to Iran in 2016. Chinese suppliers took a 63.5 percent share in Iran's machinery market, followed by Germany's 8.6 percent share.
Italy also closely followed Germany with sales of 19.9 million euros ($23.15 million) to Iran during 2016, taking an 8.5 percent share of the market.
Turkey, South Korea, Austria, Taiwan, France, India and Japan made up the rest of the top 10 list.
In 2016 worldwide exports of plastics and rubber machines to Iran reached a total value of 235 million euros ($273.4 million), showing an increase of 14.8 percent compared to the preceding year.